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MedTech Winners of 2013: Hospital Partnerships


Posted in Medical Device Business by Shana Leonard on December 13, 2013

                 Philips Royal

Hospital Partnerships 
In response to the shifting sands of the healthcare landscape under Obamacare, some medical device companies are adopting new business models that expand their involvement across the continuum of care and aim to cut costs while improving patient outcomes. In particular, several medical device companies are pursuing partnerships with hospitals. Medtronic, for example, formed Medtronic Hospital Solutions, dedicated to developing partnerships with hospitals with the aim of improving operational efficiency. Upon launching the business, Medtronic announced that it will initially manage and modernize cath labs for two European hospitals. Also taking the plunge into hospital partnerships was Royal Philips, which announced a $300-million, 15-year alliance with Georgia Regents Medical Center back in June. The partnership will span Philips's imaging systems, patient monitoring and clinical informatics solutions, lighting, and consumer products. "Under the partnership, about a dozen Philips employees will work in-house at Georgia Regents. They'll sit in meetings, offer ideas and develop systems based on one goal: improving patient outcomes. Philips sees opportunity in the new federal healthcare law. The law ties some hospital payments to keeping patients healthier. So if more patients get better in less time and at a lower cost, the hospital pays Philips a bonus," according to an NPR report on the alliance. Philips will likely seek out other such opportunities if this pilot endeavor is successful.

   

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